allianz se · 12/28/2017 · •allianz se (azse) is one of the largest global multiline insurers...

Allianz SE

Primary Credit Analyst:

Birgit Roeper-Gruener, Frankfurt (49) 69-33-999-172; [email protected]

Secondary Contact:

Volker Kudszus, Frankfurt (49) 69-33-999-192; [email protected]

Table Of Contents

Rationale

Outlook

Base-Case Scenario

Company Description: One Of The Largest Global Multiline Insurers

Business Risk Profile: Excellent, Thanks To Diversification

Financial Risk Profile: Very Strong, Due To Capital Adequacy Management

Other Assessments

Accounting Considerations

Related Criteria

WWW.STANDARDANDPOORS.COM DECEMBER 28, 2017 1

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Ratings' permission. See Terms of Use/Disclaimer on the last page.

1989778

Allianz SE

SACP* Assessments SACP* Support Ratings

Anchor aa

Business Risk

Excellent

Financial Risk

Very Strong

+ Modifiers 0

ERM andManagement

0

HolisticAnalysis

0

= aa

Liquidity 0

SovereignRisk

0

+ 0

GroupSupport

0

Gov'tSupport

0

=Financial Strength Rating

AA/Stable/--

*Stand-alone credit profile.See Ratings Detail for a complete list of rated entities and ratings covered by this report.

Rationale

Business Risk Profile: Excellent

• Allianz SE (AZSE) is one of the largest global multiline insurers (GMIs), with strong positions in significant

mature markets and numerous emerging markets, while benefitting from the increasing importance of global

lines.

• For its customer base of retail, corporate, and small and midsized companies it offers an ample range of

property/casualty (P/C), life, health/assistance, credit insurance, alternative risk transfer, and asset

management solutions.

• AZSE's excellent geographic and product diversification results in an extremely strong competitive position.

• The business risk profile is enhanced by the asset management line's resilient contribution to operating profit,

which has helped diversify the group's operating earnings for more than a decade.

Financial Risk Profile : Very Strong

• We believe capital management, despite announced share buybacks, implicitly supports our base-case

assumption of a 'AA' level or higher capital adequacy.

• AZSE has proven capital market access, with regular issuance of equities and bonds and, as a GMI, strong and

diverse cash flows from assets and liabilities.

• AZSE has a well-diversified, balanced investment portfolio, with increasing exposure to real assets. The

fixed-income portfolio displays on average strong to very strong credit quality.


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1989778

Other Factors

• Very strong economic capital and enterprise risk management, with a refined state-of-the-art capital allocation

approach under risk-return considerations.

• AZSE is an operating holding company generating its own cash flows from reinsurance and investment

activities. It holds excess capital and benefits from extremely diverse sources of earnings and liquidity. S&P

Global Ratings therefore equalizes its ratings on AZSE with those on the group's core operating subsidiaries.

Outlook: Stable

The stable outlook reflects our view that AZSE's capital adequacy will remain in the 'AA' range over the next two

years. We expect the group will report earnings consistent with our base-case assumptions, with a steady profit

contribution from asset management including Pacific Investment Management Co. LLC (PIMCO), and an

extremely strong competitive position.

Downside scenario

We might lower the ratings if, contrary to our expectations, AZSE's capital adequacy deteriorates for a protracted

period into the 'A' range or the risk of capital and earnings volatility increases substantially. Although unlikely at

this stage, a substantial deterioration of operating profit from asset management might call into question that

subsidiary's ability to diversify the group's earnings and enhance its business risk profile.

Upside scenario

A positive rating action is a remote possibility during the next two years. We could, however, raise the rating if

AZSE sustains stronger capital adequacy in the 'AAA' range, interest rate pressures on traditional life business

lessen, credit conditions in Europe improve, and AZSE further reduces its investment exposure to Italian

government bonds.

Base-Case Scenario

Macroeconomic Assumptions

• Interest rates will remain low for the next two years, with the rate on German 10-year government bonds at

0.4% in 2017 and 0.7% in 2018, and on U.S. 10-year treasury bills at 1.80% and 2.15%, respectively.

• Muted real GDP growth in the eurozone of 2.3% in 2017 and 2.0% in 2018, and 1.5% and 2.4%, respectively, for

the U.S.

• No further deterioration of credit market conditions in the eurozone, particularly in Italy.



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Company-Specific Assumptions

• Capital adequacy staying within the 'AA' range, with capital growth matching growth of risk-based capital

requirements.

• Operating profit of about €10 billion per year, annual net earnings of about €6.5 billion, and a dividend payout

ratio of 50%.

• Longer-term decline in exposure to Italian government bonds from approximately €25 billion as of Dec. 31,

2016.

• Non-life combined (loss and expense) ratio of 94%-96% and operating earnings contribution of about €5 billion

per year, after €5.6 billion in 2016.

• Life insurance operating profits of €3 billion per year (2016: €3.8 billion) burdened by persistent low yields.

• Asset management's operating profit contribution (including PIMCO) of about €2.2 billion annually, after €2.3

billion in 2016.

• Financial leverage remaining below 30% and EBITDA fixed-charge coverage above 8x.

Key Metrics

(Mil. €) 2018f 2017f 2016 2015 2014 2013 2012

Gross premiums written > 76.000 > 76.000 76,331 76,723 73,883 72,051 72,086

Net income (Excluding min int) > 6.000 > 6.000 6,886 6,616 6,221 5,996 5,231

Return on shareholders' equity (%) > 10,0 > 10,0 10.1 10.2 10.7 11.3 10

P/C net combined ratio (%)* 94-96 94-96 94.3 96.0 96.8 95.2 97

Life new business margin (%) > 1,8 > 1,8 2.7 2.2 2.6 2.1 1.8

Net investment yield (%) > 3,0 > 3,0 8.7 4.2 3.9 4.1 4.6

Capital adequacy Very strong Very strong Extremely strong Very strong Very strong Very strong Very strong

Fixed-charge coverage (x) > 8,0 > 8,0 10.0 10.6 10.1 9.4

Financial leverage (%) < 30 < 30 22.3 23.2 22.6 23.2 27.3

*Includes premuim refunds. f--Forecast.

Company Description: One Of The Largest Global Multiline Insurers

AZSE generated total revenues of €122 billion and operating profit of €10.8 billion in 2016, approximately half of

operating profit stems from P/C, one-third from life and health, and around 20% from asset management. The group

has leading positions in countries such as Germany, Italy, France, and more recently the U.K. It also offers global lines

such as industrial lines insurance via Allianz Global Corporate & Specialty (AGCS), trade-credit insurance via Euler

Hermes, and alternative risk transfer solutions via ART; we regard the first two as core subsidiaries, and the third as

highly strategic.

In 2016, under International Financial Reporting Standards (IFRS), AZSE's premiums totaled €76 billion, down 2.2%

year on year (y/y); reported shareholders' equity totaled €67.3 billion (+6.6% y/y), and operating profit €10.8 billion

(+0.9% y/y). Total revenues overall were split: P/C €51.5 billion (-0.1% y/y), life €64.6 billion (-3.4% y/y) including

investment-oriented and unit-linked life insurance contracts and health insurance, asset management €6.0 billion



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(-7.1% y/y), and other operations €0.6 billion (-4.4 y/y).

Total revenues increased by 2.2% in the first three quarters of 2017 after a 2.2% decline the year before, driven

primarily by asset management. With an operating profit of €8.33 billion, up 3.5% compared with the same period last

year, AZSE is set to achieve its target of €10.8 billion (+/- €500 million) for the full year.

Business Risk Profile: Excellent, Thanks To Diversification

Thanks to its broad diversification across most insurance segments and geographies, we assess AZSE's business risk

profile as excellent.

The group's extremely strong competitive position, including market leading positions, support very diverse operating

earnings. This also considers third-party asset management including PIMCO. After the fifth consecutive quarter with

positive net inflows, asset management reported €106 billion of net inflows in the first three quarters of this year that

translated into an 11.5% rise in operating earnings y/y to €1.7 billion, close to our assumption of at least €2 billion for

the full year.

Insurance industry and country risk: Globally diverse operations in several major, stable economies

We assess AZSE's insurance industry and country risk (IICRA) as intermediate (see table 1) reflecting its broad

geographic footprint, which makes it fairly resilient to changes in individual markets. We don't believe that this risk

composition will change materially, based on AZSE's moderate organic business growth and relatively low appetite for

sizable acquisitions. AZSE has completed most of its portfolio optimization activities, following disposals of

underperforming or capital-intensive businesses, including part of the Taiwanese life insurance portfolio with high

guarantees to be closed in 2018. Also, in view of tight solvency ratios, AZSE is now targeting the buyout of minority

shareholders during 2017-2018 in Euler Hermes and already implemented Ireland-based Allianz PLC in March 2017.

AZSE could, however, undertake acquisitions to gain market share, based on the group's strategy to be among the top

three in its markets. The offer for Liverpool Victoria as a UK retail player is an example for this. Finally,

complementary insurance but also non-insurance (e.g. asset management with Rogge & Partners or experts in the

digital space) platforms with a special skill set can be attractive.

In German life insurance, which represents approximately 15.3% of total group premiums, we expect the ongoing

low-interest-rate environment and long contract durations will remain a focus of AZSE's asset liability management.

AZSE has launched new products without the traditional guarantee-type characteristics to address this issue.

In addition, AZSE generates 11.4% of gross written premiums (GWP) in Italy's life and P/C insurance sectors where

our IICRA is moderate. Our upgrade of Italy to 'BBB' on Oct. 27, 2017, eases some of the pressure on Allianz's Italian

operations. The group remains exposed to that market as No. 2 player in Italian insurance and with investments in

Italian government bonds representing €25 billion or about 3.9% of AZSE's insurance investments and 4.5% of the

fixed-income portfolio.



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Table 1

IICRA

Insurance sector IICRA Business mix (%)

German P/C Low risk 8.0

German Life High risk 15.2

German Health Intermediate risk 2.7

Switzerland P/C Very low risk 1.4

Switzerland Life Low risk 1.3

Austria P/C Low risk 0.8

Italy P/C Moderate Risk 3.7

Italy Life Moderate Risk 7.7

France P/C Low risk 3.5

France Life Low risk 6.4

Global P/C Reinsurance Intermediate risk 8.5

Global Life Reinsurance Low risk 9.5

Global Trade Credit Intermediate risk 12.8

US Life Low risk 9.6

Turkey P/C Moderate Risk 1.4

Australia P/C Low risk 2.5

UK P/C Intermediate risk 2.1

Spain P/C Intermediate risk 1.8

Spain Life Intermediate risk 1.0

Weighted average IICRA Intermediate risk

Competitive position: Extremely strong, owing to global diversification

AZSE's presence in more than 70 countries, and market leading positions in Germany, Italy, and France underlie its

operating performance, which is superior to many local competitors' and in line with GMI peers'. In its key markets, its

well-established brand and reputation benefit its operating performance.

We think the group's broad diversification across P/C, life, and health insurance--alongside the businesses of AGCS,

ART, and Euler Hermes--will support lower earnings volatility than that of many other insurers. In our view,

non-insurance fee income from asset management, mainly driven by PIMCO, further enhances earnings diversity.

AZSE is increasingly leveraging on its global platforms, which face somewhat less competition than in local markets,

also via dedicated carriers such as AGCS, ART, Allianz Worldwide Partners, and Euler Hermes, and more recently,

also Allianz Multinational, an initiative but not a legal carrier, which serves multinational companies globally.

Strong 9.3% growth of operating income in 2016 stemmed from stable life and health revenues, resulting from the shift

away from capital-intensive products. The main growth engines in 2016 were fixed-indexed and non-traditional

annuity sales in the U.S., with statutory premiums of €11.85 billion; sales of capital-efficient products in Germany with

statutory premiums of €18.87 billion; and higher operating profit in France and Spain.

With revenues of about €19 billion, equaling 15.4% of group revenues on Dec. 31, 2016, the German life segment sells

capital-efficient products to retail and corporate clients, easing the pressure from guaranteed rates in the back book



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and very low investment yields. AZSE has generally maintained a higher investment margin on reserves and assets

than the guaranteed rates on the in-force book.

Table 2

Allianz SE Competitive Position

--Year ended Dec. 31--

(Mil. €) 2016 2015 2014 2013 2012 2011

Gross premiums written 76,331 76,723 73,883 72,051 72,086 69,299

Change in gross premiums written (%) (0.5) 3.8 2.5 (0.0) 4.0 1.0

Net premiums written 71,430 71,187 69,420 67,510 66,750 64,163

Change in net premiums written (%) 0.3 2.5 2.8 1.1 4.0 0.7

Total assets under management* 773,642 755,436 717,616 626,394 611,746 557,428

Growth in assets under management (%)* 2.4 5.3 14.6 2.4 9.7 3.0

Reinsurance utilization (%) 6.4 7.2 6.0 6.3 7.4 7.4

Business Segment (% of GPW)

Life/health 32.7 32.9 34.7 35.4 35.1 35.4

P/C 67.5 67.3 65.4 64.6 65.0 64.6

*Before third-party assets under management.

Reinsurance utilization (%) 6.4 7.2 6.0 6.3 7.4 7.4

Gross premiums written 76,331 76,723 73,883 72,051 72,086 69,299

Net premiums written 71,430 71,187 69,420 67,510 66,750 64,163

Financial Risk Profile: Very Strong, Due To Capital Adequacy Management

On the back of its very strong capital adequacy, we assess AZSE's financial risk profile as very strong. Management is

strongly committed to a solvency II ratio of 180-220%, which is commensurate with a 'AA' capital adequacy, and is

managing its capital base accordingly.

Capital and earnings: Capital adequacy likely to remain in the 'AA' range

After two announced share buy-back programs in 2017 totaling €5 billion, Allianz will continue to have 'AA' capital

adequacy. The first program (€3 billion) has already been implemented, and the remaining €2 billion will be completed

in the first half of 2018. We believe future buybacks will keep pace with risk-based capital needs from modest growth

of AZSE's insurance businesses. Therefore, we regard an extremely strong capital adequacy as reported by end of 2016

not as a sustainable level for the time being.

Despite the buybacks, we regard capital adequacy as commensurate with an 'AA' rating over the next two to three

years. Including the first share buyback and dividend accruals, AZSE's Solvency II ratio stood at 227% without the use

of transitionals by Sept. 30, 2017, versus 218% by year-end 2016.

In our view, the group's solvency position compares well with that of other GMIs operating under Solvency II in

Europe, the Middle East, and Africa.

AZSE's German life subsidiary, the single largest contributor to group revenues (about 15.4% of the total), has



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Allianz SE

outperformed its market, writing almost one-third of the new business in Germany. In addition, we believe

capital-efficient products account for almost 60% of new business in the German life insurance business, with new

business margins at more than 4.2%, which is well above the group average of around 2.8% in 2016. However, we

expect the ongoing low interest rate environment and long life-insurance contract durations will remain a focus of

asset-liability management, including new product launches.

With regards to earnings, we think that AZSE will continue to report about €10 billion of operating profit per year,

easily supporting 'AA' capital adequacy. P/C is AZSE's most diversified business platform and will likely remain the

main earnings contributor; we assume it will generate about €5 billion of annual operating earnings in our base case.

Top-line momentum remains intact, fostered by rate and volume effects and, despite €529 million in natural

catastrophe claims, resulted in a combined ratio of 96.9% in third-quarter 2017, with underwriting results remaining

stable y/y. Life and health insurance is the second major earnings pillar, contributing €3 billion per year, supported by

margin extension, fine-tuning of the business mix, active portfolio management, and an expanding asset base. AZSE's

asset managers contribute about €2.2 billion, primarily driven by higher volume and stable margins. In the first nine

months of 2017, operating earnings increased further by 3.5% to €8.3 billion, putting the company on track to achieve

its target.

Table 3

Allianz SE Capital And Earnings


(Mil. €) 2016 2015 2014 2013 2012 2011

Common equity 70,392 66,099 63,702 52,849 52,963 47,253

Change in common equity (%) 6.5 3.8 20.5 (0.2) 12.1 1.5

Total capital (reported) 91,537 86,739 83,946 72,433 72,537 66,075

Change in total capital (reported) (%) 5.5 3.3 15.9 (0.1) 9.8 3.6

Total revenues* 122,416 125,190 122,253 110,773 106,383 103,560

EBIT 10,786 10,674 9,312 10,197 9,362 5,606

EBITDA 10,940 10,978 9,416 10,333 9,621 6,055

Net income (excluding minority interest) 6,886 6,616 6,221 5,996 5,231 2,591

Return on Shareholders' Equity (reported) (%) 10.1 10.2 10.7 11.3 10.4 5.5

P/C: Net expense ratio (%) 28.7 28.8 29.6 28.4 27.9 27.9

P/C: Net loss ratio (%) 65.1 66.6 66.5 66.4 68.6 70.4

P/C: Net combined ratio (%)Â§ 94.3 96.0 96.8 95.2 97.2 98.5

P/C: Return on Revenue (%) 10.9 9.6 9.0 11.1 9.0 9.3

Life: Prebonus pretax earnings/total assets (%) 3.5 5.0 5.1 5.7 6.1 4.5

Life: Net expense ratio (%) 27.2 28.3 23.4 22.5 21.6 21.0

Life: Return on embedded value (%) 14.3 10.7 (10.4) 17.5 17.0 (5.9)

Life: Value of new business 1448 1196 1468 952 790 993

Life: New business margin (%) 2.7 2.2 2.6 2.1 1.8 2.4

Operating Earnings by Segment (%)

Life & Health 30.4 33.0 31.1 24.2 27.5 24.5

Non-life 52.2 48.1 46.2 48.1 44.9 49.4

Other 17.4 18.9 22.8 27.7 27.6 26.2



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Table 3

Allianz SE Capital And Earnings (cont.)


(Mil. €) 2016 2015 2014 2013 2012 2011

Operating Earnings by Region (%)

EMEA 76.3 71.3 72.4 68.7 74.2 72.6

Americas 8.9 7.5 4.0 9.5 0.6 5.3

APAC 1.3 3.6 5.6 5.9 7.9 5.1

Other 20.4 17.5 18.0 15.9 17.3 17.0

*Includes revenus from unit-llinked insurance. EMEA--Europe, the Middle East, and Africa

Risk position: Balanced insurance and investment risk, including material but declining investmentexposure to Italy

In line with peers, AZSE is exploring further investment opportunities in real but less-liquid asset classes, such as

alternative investments, up to medium-term maximum exposure target of 20% of investments..

As of year-end 2016, AZSE has about €653 billion of insurance investments, with 88% in fixed-income instruments, 8%

in equities, 2% in real estate, and 2% in cash, largely unchanged from 2015. Within the fixed-income portfolio of €577

billion, 94% of holdings are investment-grade securities, with 66% rated 'A' and above and average credit quality

between 'A' and 'AA'.

We note the 13.3% of GWP that AZSE generates as No. 2 in Italy's life and P/C insurance sectors. However, Italy's

recent upgrade to an investment-grade rating implies slightly less pressure on the assets and liabilities of the Italian

platforms than a year ago.

Table 4

Allianz SE Risk Position


(Mil. €) 2016 2015 2014 2013 2012 2011

Total invested assets 773,642 755,436 717,616 626,394 611,746 557,428

Net investment income 19,844 18,946 18,855 18,153 19,638 18,328

Net investment yield (%) 3.0 3.0 3.2 3.3 3.8 3.8

Net investment yield including realized capital gains/(losses) (%) 4.3 4.2 3.9 4.1 4.6 4.5

Net investment yield including all gains/(losses) (%) 4.0 4.2 3.9 4.1 4.6 4.5

Investment portfolio composition (%)

Cash and short-term investments 2.7 2.8 2.8 2.7 3.1 3.4

Bonds 68.5 66.5 66.2 63.9 63.8 59.9

Common stock 6.9 6.6 6.3 6.3 5.4 5.9

Real Estate 2.2 2.3 2.2 2.4 2.3 2.3

Loans 15.4 17.6 18.2 20.8 21.3 24.0

Mortgages 3.2 3.3 3.6 3.3 3.5 3.9

Investments in affiliates 1.1 0.8 0.7 0.6 0.6 0.6



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Financial flexibility: Regular capital market access and improved fixed-charge coverage

Financial flexibility at AZSE is strong, in our view, with regular market access for equity and bond issuance. AZSE also

shows favorable fixed-charge coverage, and neutral financial leverage that we assume will remain below 30%, as in

previous years. Our trajectory shows a fixed-charge coverage ratio well above 8x, supported by low interest rate

environment, refinancing of bonds, and solid earnings generation.

Table 5

Allianz SE Financial Flexibility


(%) 2016 2015 2014 2013 2012 2011 2010 2009

Fixed-charge coverage (x) 10.0 10.6 10.1 9.4 8.4 5.6 8.4 6.2

Financial leverage 22.3 23.2 22.6 23.2 27.3 27.7 24.1 24.6

Dividend payout ratio 49.5 50.2 50.0 40.1 39.0 78.6 39.3 42.8

AZSE is a long-standing and well-known issuer in the debt and equity markets. The group's debt maturity profile does

not display any refinancing peaks over the next years. AZSE has a good track record of timely refinancing and calling

hybrid instruments.



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Other Assessments

AZSE's very strong enterprise risk management and strong management and governance are commensurate with our

'AA' ratings on the group. The rating on the group's Italian subsidiary, Allianz SpA, is influenced by our long-term

rating on Italy. AZSE's liquidity is excellent, in our opinion, and neutral for the ratings.

Enterprise risk management: Very strong

We consider AZSE's enterprise risk management be very strong. We regard it as unlikely that the group will

experience losses outside its risk tolerances. Our assessment is based on AZSE's positive risk management culture,

positive risk controls for the group's major risks, and structured approach to identifying and managing emerging risk.

AZSE benefits from positive strategic risk management with the concept of economic value added and risk capital

forming the centerpiece of its strategic decision-making. AZSE's good enterprise capital model enhances our view of

the group's capital adequacy.

The group's governance structure strongly supports effective risk management and contributes to groupwide risk

awareness. The group regularly determines its risk profile using its enterprise capital model and considers risk and risk

return in its strategic decisions. Management has implemented uniform methodologies and tools to identify, assess,

and monitor risk across the organization. In our view, this supports a consistent understanding of risk and further

optimization of risk-return considerations.

Management and governance: Ongoing conservative financial management

We assess AZSE's management as strong based on its diligent planning processes, as shown by the smooth transition

from retiring board members to experienced internal candidates. Moreover, we have observed sustained financial

discipline with regard to operating earnings, along with capital management and adequacy. We have not observed

indications of any weakening in financial discipline or governance deficiency.

Liquidity: Excellent, thanks to a high share of well diversified liquid assets

We assess AZSE's liquidity as excellent based on its holdings of highly liquid assets including €484 billion of

investment-grade debt securities, around €15 billion in cash, and €41 billion of listed equity investments at year-end

2016. As a frequent issuer, we have no concerns regarding AZSE's refinancing flexibility. We believe well diversified

revenues of more than €100 billion annually further support the resilience of AZSE's liquidity position.

Accounting Considerations

AZSE prepares its consolidated financial statements under IFRS.

In assessing AZSE's capital adequacy, we adjust reported shareholders' equity, mainly for:

• Credit for life value-in-force business.

• Inclusion of free and unallocated policyholder bonus reserves in life insurance.

• Credit for reserve discount in P/C.

We factor in AZSE's economic capital model in our assessment of capital adequacy.



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Related Criteria

• General Criteria: Guarantee Criteria, Oct. 21, 2016

• General Criteria: Group Rating Methodology, Nov. 19, 2013

• Criteria - Insurance - General: Enterprise Risk Management, May 7, 2013

• Criteria - Insurance - General: Insurers: Rating Methodology, May 7, 2013

• General Criteria: Methodology: Management And Governance Credit Factors For Corporate Entities And Insurers,

Nov. 13, 2012

• Criteria - Insurance - General: A New Level Of Enterprise Risk Management Analysis: Methodology For Assessing

Insurers' Economic Capital Models, Jan. 24, 2011

• Criteria - Insurance - General: Refined Methodology And Assumptions For Analyzing Insurer Capital Adequacy

Using The Risk-Based Insurance Capital Model, June 7, 2010

• Criteria - Financial Institutions - Banks: Assumptions: Clarification Of The Equity Content Categories Used For Bank

And Insurance Hybrid Instruments With Restricted Ability To Defer Payments, Feb. 9, 2010

• General Criteria: Use Of CreditWatch And Outlooks, Sept. 14, 2009

Ratings Detail (As Of December 28, 2017)

Operating Companies Covered By This Report

Allianz SE

Financial Strength Rating

Local Currency AA/Stable/--

Counterparty Credit Rating AA/Stable/A-1+

Commercial Paper

Local Currency A-1+

Junior Subordinated A+

AGCS Marine Insurance Co.



Issuer Credit Rating


Allianz Australia Insurance Ltd.


Local Currency AA-/Stable/--



Allianz Elementar Lebensversicherungs AG





Allianz Elementar Versicherungs - AG







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Ratings Detail (As Of December 28, 2017) (cont.)

Allianz Fire and Marine Insurance Japan Ltd.





Allianz Global Corporate & Specialty SE





Allianz Global Risks U.S. Insurance Co.





Allianz IARD





Allianz Insurance PLC





Allianz Lebensversicherungs AG





Allianz Life Insurance Co. of New York





Allianz Life Insurance Co. of North America





Allianz Private Krankenversicherungs - AG





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Allianz SE




Allianz Risk Transfer AG




Local Currency AA-/Stable/A-1+

Financial Enhancement Rating

Local Currency AA-/--/--

Allianz Risk Transfer (Bermuda) Ltd.





Financial Enhancement Rating

Local Currency AA-/--/--

Allianz SpA


Local Currency A/Stable/--


Local Currency A/Stable/--

Allianz Suisse Lebenversicherungs - Gesellschaft





Allianz Suisse Versicherungs - Gesellschaft





Allianz Underwriters Insurance Co.





Allianz Versicherungs AG





Allianz Vie





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American Automobile Insurance Co.





American Insurance Co.





Associated Indemnity Corp.





Chicago Insurance Co.





Fireman's Fund Indemnity Corp.





Fireman's Fund Insurance Co.





Fireman's Fund Insurance Co. of Hawaii Inc.





Interstate Fire & Casualty Co.







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Allianz SE


National Surety Corp.





Related Entities

Allianz Banque

Issuer Credit Rating AA-/Stable/A-1+

Certificate Of Deposit

Local Currency A-1+

Senior Unsecured AA-

Allianz France


Local Currency A+/Stable/A-1

Junior Subordinated BBB+

Domicile Germany

*Unless otherwise noted, all ratings in this report are global scale ratings. S&P Global Ratings’ credit ratings on the global scale are comparable

across countries. S&P Global Ratings’ credit ratings on a national scale are relative to obligors or obligations within that specific country. Issue and

debt ratings could include debt guaranteed by another entity, and rated debt that an entity guarantees.

Additional Contact:

Insurance Ratings Europe; [email protected]



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